My understanding from "informed sources" is that in the past years you refer to, there were
many more companies with assets to sell... By contrast, today
there is but a handful (literally only a few) and BUL appears as a standout.
.... Furthermore, it seems today's and the future gas supply/demand equation is much more compelling, favouring the seller (of assets) than in that past cycle.
AND HERE'S THE CLINCHER: Prices paid for companies' assets in the past with assets along similar (or lesser even) lines to BUL's, make Blue an unbelievable opportunity at current levels.... But only the old industry hands fully know/appreciate this fact. You only need to read the Breakaway Research report to provide some idea of this.
.... But when it happens, I'm in the dark like you. But there is an overwhelming case for it to occur.
DYOR (the old caveat
... )
Kip